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Stocks Market Up By 0.28% Amid Bargain Hunting



The Nigerian stocks market rose yesterday by 0.28 per cent amid renewed bargain hunting activity in Banking and Oil & Gas stocks.

In summary, the All Share Index (ASI) gained 96.18 absolute points, representing a growth of 0.28 per cent to close at 34,933.86 points. Similarly, the market capitalisation gained N35 billion to close at N12.753 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Guaranty Trust Bank, Zenith Bank, FBN Holdings and Custodian and Allied Insurance.

Analysts at APT Securities and Funds Limited stated that “the NSE-ASI ended the trading session on a positive note to reflect prior prediction.  We hope to see more bargain hunting as we go further into the trading week.”      

Shares of Guaranty Trust Bank and Oando  lifted up the NSE Banking and NSE Oil/Gas indices by 1.41 per cent and 0.27 pet cent respectively.

Market breadth closed positive, with 23 gainers versus 18 losers. Aiico Insurance recorded the highest price gain of 10 per cent, to close at 99 kobo per share. Jaiz Bank followed with a gain of 8.89 per cent to close at 49 kobo, while CI Leasing rose by 8.80 per cent to close at N2.72 per share.

Diamond Bank gained by 8.70 per cent to close at N1.25 and Japaul Oil and Maritime Services  rose by 8.33 per cent each, to close at 26 kobo  per share.

On the other hand, Fidson Healthcare,  PZ Cussons Nigeria and Universal Insurance led the losers’ chart by 10 per cent each, to close at N5.40, N13.50 and 36 kobo respectively.

Tripple Gee and Company shed 9.41 per cent to close at 77 kobo, while Guinea Insurance  depreciated by 8.57 per cent to close at 32 kobo per share.

The total volume traded appreciated by 82.82 per cent to 240.46 million shares, worth N3.61 billion, and traded in 3,400 deals. Transactions in the shares of United Bank for Africa topped the activity chart with 54.44 million shares valued at N436.03 million. Access Bank followed with 38.45 million shares worth N359.44 million, while Stanbic IBTC traded 35.23 million shares valued at N1.68 billion.

Guaranty Trust Bank traded 15.75 million shares valued at N576.77 million, while Aiico Insurance transacted 14.31 million shares worth N14.16 million.




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